Irvine man sentenced to 58 months in prison for a $3M loan mod scam

Serj Geutssoyan, 34, of Santa Ana, was sentenced yesterday to 52 months in prison, according to the O.C. Register, for his part in ripping off about 1,000 victims out of about $3M in a loan modification scam.

Geutssoyan and Shiau were part of an alleged scheme in California that targeted residents of the State of Connecticut.

They made cold-calls to distressed homeowners and offered adjustments to the terms of their home loans. They charged their victims about $2,500 to $4,300, but the victims never received any assistance with negotiating new terms for their mortgages, according to the prosecutors.